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Press Releases

May 28, 2014
Today, the Center for Responsible Lending joins an extensive group of education, student, civil rights, consumer, veterans, and labor groups in calling for strong for-profit college regulations. Yesterday was the last day to file comments on regulation proposed by the Department of Education, called the "gainful employment rule." The gainful employment rule, proposed in March of this year, aims to create standards for trade, career, and for-profit institutions. "Far too many students enroll in for-profit institutions because of high-pressure and deceptive sales tactics, rather than...
March 14, 2014
The Department of Education's proposed "gainful employment" rule is a step forward but falls short of protecting consumers from unaffordable debt created by predatory educational programs at for-profit colleges, according to the Center for Responsible Lending."The rule, as it stands now, does not adequately protect students," said Maura Dundon, senior policy counsel at CRL. "It allows too many students to emerge from for-profit institutions with no ability to repay their loans. No career-college student should ever say that 'going to college was the worst mistake in my life' because of her...
February 28, 2014
Experts at the Center for Responsible Lending applauded the CFPB for their aggressive action on the for-profit university ITT Tech. According to the CFPB, "ITT exploited its students and pushed them into high-cost private student loans that were very likely to end in default. The CFPB is seeking restitution for victims, a civil fine, and an injunction against the company." This marks an important step forward in abusive lending practices against students, according to CRL senior policy counsel Maura Dundon. "Abusive lending via student loans is particularly egregious practice," said...
November 12, 2013
The Center for Responsible Lending applauds the Federal Trade Commission for its tough new guidance against deceptive practices by vocational schools. "The FTC's new guidance on vocational schools identifies some of the most deceptive practices by for-profit colleges," said Maura Dundon, Senior Policy Counsel at the Center for Responsible Lending. "For-profit colleges that mislead students about their expected salaries, job placement, or the quality of the education should take notice that they are violating the FTC Act. The guidance does not technically extend to all for-profit colleges...
September 5, 2013
CRL welcomes moves by the U.S. Department of Education ("Department") to ensure that career education programs provide a sound return on investment for both students and U.S. taxpayers. Students and displaced workers often look to career education programs to build the skills they need to gain employment in particular fields. Many of these programs are offered by for-profit colleges, although student tuitions are typically funded by federal financial aid. In 2011-12, the US government made approximately $28 billion in Title IV grants and loans to students attending for-profit colleges....
December 12, 2012
In the first report of its kind, the Center for Responsible Lending examines consumer lending markets across-the-board and finds that—despite major gains in regulatory reforms—predatory lending continues to undermine American households trying to rebuild their finances after the recession. View or download the report: http://rspnsb.li/state-of-lending. The State of Lending in America and its Impact on U.S. Households (State of Lending) paints a picture of working families struggling to manage debt while coping with stagnant incomes and a substantial decrease in wealth. The...

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